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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Haycarb records turnover of Rs. 2.9 bn and profit before tax of Rs. 220 mn for Q1 2015/16

Haycarb records turnover of Rs. 2.9 bn and profit before tax of Rs. 220 mn for Q1 2015/16

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
The Sri Lankan multinational Haycarb PLC reported revenue of Rs. 2.9 billion, and profit before tax of Rs. 220 million for the first quarter of 2015/16.The profit after tax was Rs. 191 million.
Haycarb PLC Managing Director Rajitha Kariyawasan said that the downturn in the gold mining industry coupled with significant depreciation of currencies in key markets of Europe, Japan and Australia have poseda significant strain to protect margins. The low cost competition from smaller manufacturers in Philippines, Indonesia and India and continued difficulties in charcoal procurement especially in Sri Lanka has resulted in a very challenging period in the near term.
Against this back drop, Haycarb Group will focus on lean initiatives to achieve cost savings and pursue its strategy of increasing its market share in the value added carbon segment. At the same time significant thrust is made to increase our direct marketing presence in the USA, through our new structureat Haycarb USA. Mr. Kariyawasan further added that growth in its environmental engineering arm Puritas (Pvt.) Ltd. is expected to contribute more to the profitability of the Group.
Kariyawasan stated that the company remained positive of its outlook in the medium to long term, given its strength and position in the industry as a leading manufacturer of high quality carbon and provider of purification solutions whilst leveraging on the growth potential of the activated carbon industry against the backdrop of increasing emphasis on environmental sustainability world-wide.
Haycarb is the pioneer manufacturer of coconut shell activated carbon in any coconut producing country with manufacturing facilities in Sri Lanka, Thailand and Indonesia supported by marketing offices in the USA, UK and Australia. The company contributes net foreign exchange revenues with its value adding processes whilst remaining a leading and technologically superior manufacturer in its chosen segment. 
Courtesy: The Island 4 August 2015

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